Loading...
276036 WNITE - CITY CLERK PINK - FINANCE COUtICll '`y`��j CANARY - DEPARTMENT G I TY O F SA I NT PA IT L +�8Q r BLUE - MAYOR File N O. ,� `� `-'� � Cou cil Resolution Presented By � � Referred To Committee: Date O�t of Committee By Date WHEREAS: 1 . On November 18, 1980, the Port Authority of the City of Saint Paul adopted Resolution No. 1735 giving preliminary approval to the issuance of a tax exempt mortgage note in the amount of approximately $7,000,000 to finance the construction of a 200-room Holiday Inn to be located at I-94 and McKnight Road and Suburban Avenue by Battie Creek Hotel Associates, a Minnesota partnership comprised of William H. Clapp, Edward Clapp, Frederick Clapp and Rohland Thomssen. 2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul , shall be issued only with the consent of the City Council of the City of Saint Paul , by resolution adopted in accordance with law; 3. The Port Authority of the City of Saint Paul has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds by the Port Authority of the City of Saint Paul , subject to final approval of the details of said issue by the Port Authority of the City of Saint Paul . RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 1735, the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds are to be determined by the Port Authority, pursuant to resolution adopted by the Port Authority, and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the Port Authority, found by the Port Authority to be necessary for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEN Yeas Nays Requestgd by Department of: Hunt �evine In Favor 11Aede►ax- McMahon O Showalter - __ A g8i[1 S t BY Tedesco �� � DEC 9 198U Form A pr ved by City Attorney _ Ado ed by Council: Date — � ��1��a ertified P� �. d by C nc.� Secretary BY � Ap d by ;Vlayor: a v _���BQ Ap o by Mayor or ub ion to Council BY - – — BY ;��:;����k►, ,�;w�. �� �9ao ' ' t ` ,_ � ; . . _ ����,��� . - `'` ' � Resolution No. 1735 . RESOLUTION OF � ' ' THE PORT AIITHORITY OF THE CITY OF SAINT PAUL . � �. . , r - • ' WfiERE.�S� the puroose of Minnesota Statutes, Chapter . 458, �hereinaf�er called "Act") as found and determined by the legislature is to proruote the means by which marginal area protierties may be developed or redeveloped to help cure the . problems incident to the- existence of such properties as set • forth in Mirinesota. Statutes., Section 458.191, Subdivision 3; � and - V7HEREAS, a. sound development of the economic security of the peoples of the City of Saint Paul is dependent upon � �proper development and redevelopment of marginal properties, and the general welfare of the inhabitants of the Port District requires the remedying of such injurious conditions to which ' marginal •properties are now subject; and WHEREAS, the development and redevelopment of such � marginal area properties cannot be accomplished by private � � enterarise alone without public participation and assistance in � the acquisition of land and planning and i.n the financing of land ass�mbly in :he work of clearance, development and redevelopment, and in the making of improvements necessary therefor; and WF�REAS, t,o protect and promote sound development and redevelopment of marginal land and the general welfare of the � inhabitants of the Port District, it is necessary to remedy such injurious conditions through the empl'oyment of all � appropriate means; and WI�REAS, whenever the development. or redevelopment of � � such marginal lands cannot be accomplished by private - enterprise alone, without public participation and"assistance . _ in the acquisition of land and planning and in financing of development and redevelopment, it is in the public interest to advance and expend public moneys for those purposes and to provide for means by which such marginal lands may be developed � or redeveloped; and � . - : � . . �.. ' _- � � • • i%�r. n � � ��'��_��� WHEREAS, the development or redevelopment of such ma.rginal lands and the provision of appropriate continuing land use constitute public uses and purposes for which public moneys may be advanced or expended and private property acquired, and are governmental functions and are of state concern in the � interest of health, safety and welfare of the peoples of the state of Minnesota and of the City of Saint Paul; and � 47HEREAS, The Port Authority of the City of Saint Paul (the "Authority" ) has receiued from Battle Creek Hotel � Associates (hereinafter referred to as "Company" ) a request that the Authority issue its revenue bonds (which may be in the form of a single note) to finance the acquisition, installation and construction o-f a motel and related facilities (hereinafter collectively calied the "Project") in the City of St. Paul in an econonic dsve3opr�ent district established in accordance with Section 458 .191 of the Act and Laws of Minnesota, 1971, Extra Sessio-�, Chapter 35, Section 9, all as is more fully described in the staff report on file; and tdHEREAS, the Authority desires to aid in the develo�ment of narqinal land, to facilitate the selective develop�nent of the community, to retain and improve its tax base ar.d to help it provide the ranqe of services and employ^�ent opportunities required by its population, and said Project will assist the City in achievinq that objective. Said Project will help to increase the assessed valuation of the � City and help maintain a positve relationship between assessed valuation and debt and enhance the image and reputation of the City• and . WHEREAS, the Project to be financed by revenue bonds will result in substantial employ�ent onportunities in the City of Sain� Paul; and WHEREAS, the Authority has been advised by repre- sentatives of the Company that conventional, commercial financing to pay the capital cost of the Project is available only on a lirnited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but the Company has also advised the Authority that with the aid of revenue bond financing, and its resulting low borrowing cost, the Project is economically more feasible; and WHEREAS, Miller & Schroeder Municipals, Inc. ( the "Placement Agent" ) has made a nroposal in an aqreement ( the "Placement Agreement" ) relating to the sale of the revenue bonds to be issued to finance the Project; anc3 2 , ', � � �'��i_��� �� � 6JHEREAS, the Authority, pursuant to Minnesota Statutes, Section 474. 01, Subdivision 7b did publish a notice, a copy of which with proof of publication is on file in the office of the Authority, of a public hearing on the proposal of the Company that the Authority finance the Project hereinbefore described by the issuance of its industrial revenue bonds; and WHEREAS, the Authority did conduct a public hearinq pursuant to said notice, at cahich hearinq the recommendations contained in the Authority' s staff inemorandum to the Commissioners were reviewed, anr_i all persons who appeared at the hearing were given an opportunity to express their views with respect to the proposal. NOW, THEREFORE, BE IT RESOLVED by the Commissioners of thz Port Authority of the City of Saint Paul, P�Iinnesota as follows: 1. O:� the basis of information available to the Authori�y it appears, and the Authority hereby finds, that the . premis�s on w;�ich said Project is to be located constitute marginal land w�thin the meaning of Section 458 .91, Subdivision 4 of tne �ct; that the availability of the financing under the Act and willingnass of the Authority to furnish such financing will be a substantial inducement to the Company to undertake the Project, and that the effect of the �roject, if undertaken, will be to encourage the development of economically sound industrYr and cer�merce and will help to prevent chronic unempl��Tment, and will help the City to retain and improve its tax base ard provide the range of services and employnent opportunities required by its population, and will result in more intensive development and use of land caithin the City and r�ill eventually result in an increase in the City's tax base. 2. Subject to the muttial aqreenent of the Authority, thz Co���any ar:d �he purchaser of tne revenu� bon�3s as to the details of a revenve agreement and otner documents necessarv to evidence and effect the financinq of the Project and the issuance of the revenue bonds, the Project is hereby approved and authorized and the issuance of revenue bonds of the Authority (which may be in the form of a sinqle note) in an amoun.t not to exceed approximately $7, 000, 000 (other than such additional revenue bonds as are needed to complete the Project) is authorized to finance the costs of the Project. 3. There has heretofore been filed with the Authority a form of Preliminary Agreement between the Authority and Company, relating to the proposed construction and 3 • ' , _ a " � � ' '. � _ ,��b���b financinq of the Project and a form of the Placement Agreement. The form of said Agreements have been examined by the Commissioners. It is the purpose of said Agreements to evidence the commitment of the parties and their intentions with respect to the proposed Project in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of the Project with the assurance that there has been sufficient "official action" under Section 103 (b) of the Internal Revenue Code of 1954, as amended, to allow for the issuance of industrial revenue bonds to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its � financing. Said Yreliminary Agreement is hereby approved, and the President and Secretary of the Authority are hereby authorized and directed to execute the same. 4. Upon execution of the Preliminary Agreement by the Company, the starf of the Authority are authorized and directed to continue negotiations with the Company so as to � resolve ths remair.ing issues necessary to the preparation of the Revenue Agreer�ent and other documents necessary to the adoption by the Authority of its final bond resolution and the issuance and delivery of the revenue bonds; provided that the President (or Vice-President if the President is absent) and the Secretary (or Assistant Secretary if the Secretary is absent) of the Authority, or if either of such officers (and his aiternative) are absent, the Treasurer of the Authority in lieu of such absent officers, are hereb_y authorized in accordance with the provisions of hiinneso�a Statutes, Section 475.06, Subdivision 1, to accept a final offer of the purchaser to purchase said bonds and to execute a purchase aqreement setting forth such offer on behalf of the Authority. Such acceptance shall bind the underwriter to said offer but shall be subj�c* to approval and ratification by the Port Authority in a �ormal st:pblsmental bond resolution to be adonted prior to the delivery o= said revenue bonds. 5. The revenue bonds and interest thereon shall not canstitute an indebtedness of the Authority or the City of Saint Paul within the meaning of any constitutional or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Authority or the City or a charge against their general credit or taxing powers and neither the full faith and credit nor the taxing powers of the Authority or the City is pledged for the payment of the bonds or interest thereon. . 4 � . • . ; � � ����_��� . ' 6. In order to facilitate completion of the revenue bond financinq herein contemplated, the City Council is hereby requested to consent, pursuant to Laws of Minnesota, 1976, � Cha�ter 234, to the issuance of the revenue bonds herein contemplated, which may be in the form of a single note, and any additional bonds which the Authority may prior to issuance or from time to time thereafter deem necessary to complete the Project or to refund such revenue bonds; and for such purpose the Executive Vice President of the Authority is hereby . authorized and directed to forward to the City Council copies of this resolution and said Preliminary Agreement and any additional available information the City Council r�ay request. . 7. The actions of the Executive Vice-President of the ALthority in causing public notice of the nublic hearing and in describing the general nature of ,the Project and estimating the principal amount of bond� to be issued to finance the Pro;ect are in all respects ratified and confirmed. _ __-- i`j� /� Adopted November 18, 198U,. � � , ' (� / , �� � � � ' "��'!: - /-, - - Attest � , i ` - �'-Pr�s-idefft ^ The Po,r� Au�hority of the City � of Saint Paul '.i , �;� i' r �''��%��'fi/l/ �ecretar-y � , 5 c, i i i } 1 . � � �. : ". � =�- `►' , OM Oi: 12/19?5 . � �`�� :" �+ �� � , . • Rev. : 9/8I76 - F�m �Pe. # 80- �/7 µ . EXPLANATION OF A�IINISTRATIVE ORDERS, RESOLUTIONS, AND 4RDINANCES � ��� ' °_ . - . ., . . • . r . �. . '� :::. . � . - �; .� : . . . � � . . . . . .. ,. . . . .. . .� . : da►te: Nt�vemher l8, 198p . ���Erv�� T0: MAY4R GEORGE LATIMER - NOo" 21 '198U FR: � E. A. Kraut �ort Author�ty ��"�� w — �,Z�-g� R�: BATTLE CRE HOTEL ASSOCFATES �{j � � I � $7,0OO,OQO TAX EXEMRT MORTGACE NOTE V ACTION RE�UESTED: � I� accordance with the Laws of Mirmesota, Chapter 234, it is requested thart the City � Co�rcil, by .I�solution, a draft copy of whicit is attac[�ed hereto, ap�rbve tf� issuance of .�--; a� �1,0�O,OtIO tax exempt mortgage note ta finance tf� construction vf a 200-rovm Molida�y ��n to he loca��d at I-Q4 and McKnigh� Road and Suburban R�venue by Battle Creek Hotel : Assaciates, a Mtnnesota par�tnsrship comprised of William N:. Clapp, Edward Clapp, � � Freder#ck C1app and R�hland Tfwmssen. PURPOSE AND RATIONALE fOR THIS ACTIQN: � The purpose of the �x exempt mortgage note is to ftnance the cortstructi�rr of � 2�-r� � Hollday Inn tv be located at I�9A� a�d McKni�g�t Road and Suburban Avenue by Ba�ttle Creek Hotel Associ�ates, whi�h would help to satisfy the need for additionai rooms in �he area. it is anticfpated that the pro�ect witl develop real estate taxes estima�ted at $175,i1Ei0 ;per yeair, or s5,250,OQ4 during the tena of the bonds, artd will employ appraximately 100 persons. ATTACHN�NTS: Staff Memorandum � Draft C�ty Councfl Resolatton Port Aut,�arity Re�olution No. 1735 ., R� � � T �`������ 'i� UTHORITY OF THE CITY OF ST. PNUL Memorondum TO; Board of Commissioners DA'tE Nov. 14, 1980 Meeting ��ov. 18, 1980 ,, FROM: E. A. � u� ; SUBJECT: gATTLE CREEK HOTEL ASSOCIATES CREATION OF INDUSTRIAL DEVELOPMENT DISTRICT RESOLUTION N0. 1734 PRELIMINARY AND UNDERWRITING AGREEMENT - SALE OF �7,000,000 TAX EXEMPT MORTGAGE NOTE RESOLUTION N0. 1735 ' 1 . PORT AUTHORITY HOTEL STUDY In late 1979 the Port Au�hority contracted with K. Bordner Consultants for a hotel/motel room need analysis of the city of St. Paul . This study evaluated the number of existing rooms, the number then planned for new construction or rehabilitation, and evaluated various sites which were deemed appropriate locations worthy of consideration. Staff's recommendation for the study resulted from a Port .Authority national effort to interest hotel/motel developers in considering St. Paul in their plans in early 1979. This effort resulted in a considerable expression of interest from numerous companies and it was thought important that an overall evaluation of the number of rooms that could be supported was essential . That study resulted in the following findings and con- clusions: "The following are under construction or in the planning stages: NUMBER OF ESTIP'�ATED P��A(�1E ROOMS OPEN I NG Radisson Plaza 250 1980 The Inn (Addition) 60 1981 Ramada Inn (Addition) 152 1981 Budget (White Bear Avenue) 74 1981 Holiday Inn (I-94) 250 1982 St. Paul Hotel (Remodeling) 300 1982-3 TOTAL 1 ,086 �t , . � � � � �����_��� Board of Commissioners Page -2- Nov. 14, 1980 The 1 ,450 additional rooms we recommend should be placed on the followin� sites which ►•�e selected from among the ten analyzed: SUGGESTED fdUM6ER SITE LQCATION QF ROOP�IS ��ARKET Civ�c Center (B) Downtown SL. Paul 750 Convention/ ' � Corporate Oxford ;A) Downtovm St. Paul 250 First Class Riverview-Lafayette (D) P.iverview Indusirial 150 First Class/ Park �!�ddle raark2t Mi d���a��-Haml i ne �G) i�ii d���ay 300 Fi rsi Cl ass . TOTAL 1 ,nFr�� - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - This indicates that �vith those projecis under construction or alanned ti�e need for "�otel rooms in St. Paul ilzrou�h 1986 totaled 2,535. �o dat2, 9�� roa�-�s have been campleied, are un��r consiruction, cr h�ve b��en approved on a �reliminary ac�reement basis. Thpse are : inn �xpansion 50 Ra;�:ada ?r,n 152 S�. Paul ;i;,t�1 260 Rdda�'!ay 1 r,n 24� kGaissen 250 g�? Of the ne�,�r roors, 712 have been financed t'r�rouoh Lhe iss::ance of eit'r�er revenue bonds or iax exempt mortgage noties by the Si. Pa�.�l Port Authoriiy. Ir, considering ihis project it should be noted that zhe new or ren�del2d hozel rooms , ir,cluding zhis one, would zhen iotal 1 ,162 G��;�ich , based upon the eva]uation by ihe summary in tile Port huthority study, �.�ould in�ica±� a shorta�e still �r.ists of approximatelv 1 ,3i5 rcoMs . 2< 'T�'E ;I �nf� �� �Ci i��e ;;��rtre�,s!-.i o pro!�os i ng to constr�ci tnp Hol i aa�� i nn i s CGITial"'t SEa of `E�'illiarr r. Cla;��, �d�.aard Clapp, Frederic4: rlapa, and �ohland Thomsse^, a � ,-�i n�es��a ��artnersni p dba Battl e Creek !-���tel Associ a�es . ;�;�,� c�;~s�nal r;��a�cial Si,dLC'"12iltS of �~�c fcur ir���ivie�.;als rzflect a ,.�r :rortn 0� 1 i �'X�°�� OT :? ��J,JJ�. Til° i�3r'"i,1�:?*,':;il� �lc� :1°��l'i u i;c'.� 3 . �:C1G�-"i°"1L CC;'�- Lf'4CL '��'?T." i:0� �c+a;�� IrII1S Of N^"i2Y'1Cd. il':t � varies CC!l5?v°?"dFJl,y �?"O�;�JL�C C�;SLG��3fj'' franc;��i se c�pera�i on. "�;��� aot~ee,,�ent al�c, �rovi des �-',c i i day inns an c:�ii e�� to ac�uire t�e ^arL�ership' s interest at a rUTUI'� date. � �� ' _� � , � . , �.'6 g Board of Commissioners Page -3- t;ov. 14, 19BQ 3. THE PROJECT The project is comprised of a 200-room Holiday Inn located at I-94 and McY.night P,oad and Suburban avenue which is being designed to meet certain specified needs in room types of the 3-M Company. The facility will incTude the following: Raoms Inventory: King/Leisure 120 Kina Sofa 36 Double/Double 40 Regular Suite 3 VIP Suite 1 ZGO � g0-100 Seat �estaurant 125 Se�Z Lounoe hlee�i r�c Roo:�:s: 6oardroom 20 Seats . Ban:�uet Hall 150 Classroom 75 Classroon 75 320 tnci:�sed Pool and Sauna :ti dG�G'; '.:l'v't, �f° t'E'�'CdUI"dilt TdC'1� ',�125 '-�'1�� �J2 �U�°;'',0'" L� �i3OSe customaril,y ��U�i4 1;1 !;j ��,;Jd;� i;i0;,A1 faci 1 iL i?S . 1 i?2 ��Y'Or?�ja�:; �`1'i_ �C _ '. . � � �`E _ . � _�r'J�:"� by .:"t� ��.c:UEtli?J�^�� ���'^;;UrdLlOit d;lrf 1t5 LOLd� C� L -•!1 � . ,.,...�Lri.iC .,� , l�� . L, L. fl,��;;�Ur�, '�1nCllt"^�5; d`'1� eQUirilE!'?t� diid J!"°Orc'?li"C E= ._':�� '�'?� � ��':' _ . "`1"��::1 - �nai.el,v Y9,C0�,�OG. ' _ , Clapp-�'homssen Compan,; and Port /�uzhoriiy staff have ry_L -��itr zhE Co�-^;�niti,r Council ,�istrict 1 �•rho have fror our initial Early i�cz;ficatior� ex�r2��ed some coricern relazive to adding an addiiional liquor lice�se zo t:��p neic���or- hood and to tf�e amount of parkino contemolated �er t:1e facilizy. �"e D1SL{"1CL Co�ancil Executive Baard �as a�c7roved the project ��:ith L��se ccncprns ex�r�ssed. �O1"t :���L:10;"1L'.' SLdf� :1d5 ir:forned LhC.' �0'_i�Ci� �fict �."iE ?ort P.uz'r;�r;t'-' ?�n� ��1? �{���nlrr�ni' i� i .;"�t'', �..°JiL`1 t�'l� C1�"v 0{ c:.. n3'.�� , . .%J� �'.�:'JO�:, �3"1S�V C^.:�"il;�' c;^�r Lhe .�i ;-����,�}� ue�,art�-:cn� L�� �rov�rc t'r�e recessar� �ra�fi c c�ntrol .s• ���-� i r �he EV2l1L Lii::�t 1L 15 G2t2r"'�1C�eCI L�+dL SuCii d S'r'�L°T; 15 'le��CC� 01'1Ce t�i15 `�C1i ?�;y `i � 0':�u;l. lil ?��l�li;il ; i,il� (�f?Vc'loper !ld5 0?S1��laG' f?i � ,-:'13i15 tG 7Y'0'd'l.:� ci "-d1"�'i� idT i0 L^dt 2::C2C'�S �'i';" C�GE dtl`� �'i:S d �n�Y'�SSC�i C�di'r',1"1� 1 ���'C d �EV°� �c I t�,�rt ��i�� E. 1 p�•a �� � i-' c� �'r� � %inn(� � �L- -,. .�,r.,��r�,-{r_ a p � ��on �f �,�,. n�i, b.,r:,�..a trze� �� _ � ; _� scr_e,�. ;7L �s�u� �J�S?± �;``� i�!1;,-�0!"ltj� U1"�.c'u t�e �E`JE'�GD'2t�� �^ ?,. �'.J� t'° . t,,.� . _ - �. . ,.:1 i � d'dc.i�c: l� "i;l' „?�2 h0',�!"�?':°1", t�'i2 7T'1C2 dSi�ed fJy� .,;1° :�'. ,'��'1'S r`!dr:2S- 1 ,:5 d�C��!:<1 - si�ion ;�ror�i�i*ively expen�ive. ,!e have ir,dicated te ihe ncighbor'�;�c?5 as � � , �.�s ����� Board of Cammissioners Page -4- Nov. 14, 1980 have the developers , that the parking ratio will be increased to the fullest extent possible, and that in the eve�t that conditions should develop in such a manner that the parking intrudes on tile neighborhood, furiher consideration �ti�ould be oiven by the developer and tne Authority to acquisition of St:�d�o 94 at a future date if such an acquisitien can be worked out. The pro;��rty is zcne�+ ~or the use proposed and the projeci ��ill be built 4�;i�il;in Lhe neighi limitazions provided in the Zoning urdinance if aa�roved b;� the Pori nUL}10�ity and ratified by the City Council . 4. FIP,ANCIi<G Financirg is proposed to be throug`� the ;ssuance oF a ;7,G0�,000 tax ex�;���t -:-:ort�age noi:,e io b� nurchased by a r^�aj�r lerder, ?n �sserc��, the T,;�rLO;::a� � �::cui�' i^en "e hel d pri vately ar� �:�e �r•�ieci; :•,o:,?d r�oi ue `i ra��c��� :;���a ur�o�; i��e Port �uihori t���� ��5 ��� 1"d�20 C1"@�1 L dllG� Lr2 ?0+L l;i;t�eri ty �:r0u��i rvL G° liable in zhe future. !�1? t�'Ot"� :tiU�h0i�lr,y '.'.'UU�� derive 1L5 CUSLir?dT'f T15Cc'.� 2.f1.�.� t�G�'"�1iilSLi':i.' `:'; F�°� 9 i,,�`11Ch dl'�= ES±1(�l?�2� :f S� �ZuJ���� dUl"lr^ Li�� 3�• %o�� ?;",rti1Z?L1Ci� �'� � '' , 7� ,;5 +�S n:?t"'13� C''ic?'Q�5 dS50Cldt°G� ':�.'lttl til� 1�cUdrC2 of bor:�5 G;^ r:�LeS . l� '� � a 'OS- �iui'1 ,L'v �:��i. C;.ie LO l7E hiC�'ii 1t1i;E1'ESL Y'aLES 1(l ETi'eC'�i. ?.� i,rlt:.� CUrrc:'.,. LiI�"i� t;;1dL' di! �`?LP.r'1C'1 1i0�? t�d1L'li c? tULuT^e �dKo_��1T �'jr,�� �-G .'"'':_ �:':1:"'�? i,::�:�.. i , �:�� ;�ro;;eci is apNroved. 7his ,•�ould be deier��i��r :�r;or tc acival ��1� a�,d "1!,:SL d� �G �� uCtcd Cii b1' t;l? raULhCt"1 �y'. .!i ?����iiJi�� T�i.r''. '�rO�CCI. �✓�.���� UeV?��I� i���� PJI.?�'� �G):1:� C.'�� �«�1.�1� C'. L .> li��'��r�� -�;� ;;,�=., `�r ai, cur!�ent rates :,5,2�0,000 �::rin� �.,. tz-r�i _� ��� ���-��_ . �,-.lc���- m_nt t��i' 1 be a�tir�ximately i�0 persons. . _ �eas i bi 1 i�y of �h i s �ro jecz has been eval uated 5y La�,�E,�i,�ol & Hor����ain i n a repert issued in Jar�uary 1980 and has b�en furL"e� ev.;luated by a ,��;^ke� ;tu��� by �cli�ay Inns. Each of these evaluations indicate that the projeci is ver; r�asible and tf�at �t will rill d pdrt of zh� very su�staniial need for rco�s �c�asioi�ed by t!-�e 7roxiriTy to the 3-tr Co�r�ary` s ceniral headquarters . T'r,Q recert decision by ?-;� noi to pNoce2d ti��itn °5�3n� 1S!1111C a secc�nd he���uar�ers cc:�?;�lex ir. �,'as!��ingto� Couniy and ins�ead ex.�and at �'�e ce�t�al heG�':.� - rier� c�T.�lex has created a very substantial need for a�di�ianal lodgina, �ini��g, and ,r4E�?t��': C�^i,; r:,,:1� 1�1�5 . T`�e conservaLi��l ^PdSUt^e5 be1n� U1?.''iei'�,;dk�:� �V ;;-`�i L^v IlO�.ISE �:';�; �' ^GOJ�� ltl C�OSe ;�T'OX1�'it,y :C ;,.',c C2fli.!'d� ��eadcuarter� L:; C;i�SErVE ��i�� 1 S S� �Cll i�l Cdi�Z i il 1 :S 1�.j,3Ct 0!'i t^2 T4L°� F�C1 � "' ^c� '' p r�r Liil S 7 � ; p, a a�ed ���1r�1FJ01";i00�. ,_ U� tl"..��° EXPdi15iCC1, i�,'�liCr ';rd5 ;�1"0,]�C:,�� �:le!i L;?E 'lr'Cc5531',;d ��c.L° dn''1"OV��S -%�t'C O�tained, ,��vj�CLS U� LO d'", d�dlt?O�d� �,��� 2�.17�Gj�AS dL l�l?S CC'??�lpi� C`1r1' i;!'e rexi 10 ���earS� d"ic t^° �?`'nrC.� i�•^Y' c�G�lL10nd� t'J^�:� rn� ti'd 1 il i f'�t , �C?� ?L i C-.S !':1 I � C^!1L1 t1U� i;'� ��t'0�;. �U`"'^�•,L1 V �: ��:t"^c i;u���°� G i L���� r:���!i renial s l�i':'!'d',..'� �v �^O_5E'^`t;1:lOi:S i"id�c ���.r1 ��dl .. i �Y , i ri' C?� a r� i;c , " :'��J�CG i,�;l L iE �i0�� ';Il.^.t.�il :�Ll"1 ''� 3;'lu' di"E? 11CL i!,1�1"':2� 1(1^ _ �c.L S�� ���1<.' 1^CG�:° _)..��yi '1�� t;��� Cit;� c� �i. �aul . �,�proval of Lni� �roiPci ��,�ill he1 , r�eei not �niv our cv;:ra11 ro��; r�_�.�,s but ass isi ii-�e 3i; Co-;�any i n �ts ,•;c�asi n� uro�raT�. Board of Commissioners Page -5- (�ov. 14, 1980 Based uoon Lhe cost and the recommended �7,000,000 tax exempt morigaae note, the equity parLicipation by the partnership would be approximately �2,000,000 or approximaLely 22%. 5. UNDCR!�1P,I i I?;a � I�;i-11er & Sc��roeder ;��unicipals nas a�reed to privately place the tax exempt morzeage nozA and/or an inte�im note an� th� takeout financing iNi�h a �rivate lender. � �. CREP,TIOi; OF Ii�DJSTRIAL DEVEL�PP�t�iT DISTRICT P.s reouired by ��iinnesota Siatutes Chapter 458, ro'r.ice has been publ �s��ed . �or t;`�e creation or an irdustrial developmenL dis�ric� �c c�ver t�=� ar�a of L;�e Holiday Inn a���± Studia 94 property. ��eatian of such ? ��strir.� is ess2ntial �o �ort ,'�uti�ority financing for tne project arci star"f rcc���"?12r,�+c approval or �l�e creation of tne district �y ado;:tio� or ;;es��lution `;,�. 1��4. r,rn i . „��,U��;ici;U;",.i:_.)iJ lii i:'.CG^:�'?1'�111Q Li�1� �t"r,j2CL f01" �dY. 2XE^":�t *irldn:, ,��� ���r' �?�;;5 C�. �':.'�i'�'� ;,n� ccrccr,�s of t��e nei�nberhood �nd t�,e abiliiy ox ��:� .'���horit�J :r;� z;�Q juhl 'C ��C�G`" CO exzrci�� SG:n2 CUt,trol OV�t" 4vilai, '1�`,': " ' _ �:3� �ni5 SiTE ``l� ��J r �ar�ners^i�, repres�nts peeple ti•;`�c f��ave benn involv�c' i����an�✓y ^�an�,� �evelc;�,.��enis iCi t�15 CGt";;;UC;�tY fJT" �'?tl�' �ears dl;C di"? 1^cS�7Ci Sl�'° �C �i� ilC-euS 0� L�'1� C:;!"- 'r�Uil?ty' d!1C't Li�� �Ie14�l�JOt"F10�� �Q L�1C' exient Lhdt 2CC�"!,�i;11C$ Df?t'fll�. "�9 U��' '?f `_�3X c^Y.l,!'i���,, ril"!�11C7"1^y li', L;iiS '.l1StdC?�Q ,,'1� i i^25��� ' r „ i i . - M�+ � _ + „ l. � .. (4 (1' .. . '.�i . l�. .... � . �o t;:� �.?,ea, ue�i�;�E� in line �;it`� r�umercus sug;es�ic;��� "}�c��^� siar�' :r;1 i�e i�°1��:1J'i`':QC�; �;�'�l�t� dL L!i° S�fil'� tll'!�-? f'GE?�1r0 a nee� :�:�C', .. �Y' 0`.iil ,, .:�1°� fcrecast. �,riih �he c;�rrzrt zonin� on ii�is site t:?is devclop��eni ot� a lesser ouality development can be built G�rithout the ne�d for any �ublic i�;,;:t ;` ��i financed �ti�ith iax exempt fi�ancing. This participation a�d the abil ;iy �c� coopzrate in the design and the feasibiliiy studies are t:;e basis �cr staff's recom';t°1'i�'dLluil �� anarove Resoiutions ';o. 1734 anu 1735. ..f, .:,;��;� ,,?"� : ;. CYTY- O� �.A.�3I�TT ��UL ������� ,� _ j;� � "�, O�FICE OF THE CZTY COII�TCII� �.. °`� ,� �� r�'''::..; v �, ,.,.,..:,� �,.° �'*-'�''�-;'• f.: ���„ �,;�4 D a t c>. ; December 5, 1980 ��. � C � � � ���� � � � � � �� TO : Saint Puut City Co�ncii FROIIA � Committee Ot1 FiNANCE, MANAGEMENT & PERSONNEL George McP1ahon , chairman, makes the �ollowing report on C.F. � OrcJinanc� (9) [X] Resolution � � c)th�r T1�'LE : At its meeting of December 4, 1980, the Finance Committee recommended approval of the following: � 1 . Resolution approving transfer of $7,J38 for fencing at Prosperity Park. . 2. Resolution amending 1979 Capital Improvement Budget for S-12 Soqth Robert Street Viaduct Walls project. (17533-GM) . 3. Resolution amending Section 16.E of the Civil Service Rules-concerning Voluntary Reduction. (11538-GP9) � . •-- � 4. Resolution amending Section 17.B of the Civil Service Rules concerning Transfers. (11539-GM) . 5. Resolution approving 1980 Agreements between ISD �625 and the Eleetrician, , Pipefitters, Plumbers and Sheet Metal l�lorker Locals. (11540-GM) � 6. Resolution amending. Section 18 of the Civil Service Rules concerning trattsfer "�'�;�;'_ or reduction because of disability due to sickness or injury. (11541-C�I) ,- _ 7. Resolution approving Agreement between the City, ISD #625 and the Minnesota � �. Teamsters Public and Law Enforcement Employees Union Local #320. (11542-�h1) 8. Resolution approving issuance of $7 million tax exempt mortgage note by the - Port Authority to .finance construction of Holiday Inn to be located at I-94, McKnight Road and Suburban Avenue by Battle Creek Hotel Associates. (11544-GM) 9. Resolution approving issuance of $2,500,OJ0 tax exemot mortgage note to finance construction of Office/Office-Services facilities in Riverview Industrial Park for t�linfield Developments Inc. (11545-GM) CITY ri.�LL SEYE�tTH FLOOR SAINT PAUL, ZiINNrSO'�'A 5�l02 ':'T.�i.. . . �.,-.s: _. . . . ,�p,',� � , . � . .